A pushes through Monday's high
Agilent Technologies Inc. (A) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, A finished the month 0.26% higher at 88.37 after gaining $1.08 (1.24%) today, slightly underperforming the S&P 500 (1.54%). Closing above Monday's high at 87.36, the stock confirmed its breakout through the prior session high after trading up to $1.52 above it intraday.
Daily Candlestick Chart (A as at Jun 30, 2020):
Tuesday's trading range has been $1.64 (1.88%), that's slightly below the last trading month's daily average range of $2.00. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for A.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 23rd, A lost -3.05% on the following trading day.
Agilent Technologies managed to close back above the 20-day moving average at 88.27 for the first time since June 23rd.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Agilent Technologies. Out of 253 times, A closed higher 52.96% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.71% with an average market move of 0.64%.